A U.S.-Saudi consortium plans to build a $5 billion, 200,000-bpd refinery outside the Strait of Hormuz, betting on long-term demand despite heightened geopolitical risks.

US-Saudi Consortium “MERA Oil” Enters Final Stage of Site Selection for Planned US$5 Billion Refinery and Energy Export Corridor

US-Saudi consortium progresses on $5 billion Gulf refinery project, selecting from three potential sites to enhance energy infrastructure.